Summit Therapeutics Rises as AstraZeneca Backs Ivonescimab With $2 Billion Investment

Summit Therapeutics (SMMT) is up 5.7% today. Here is some analysis on what might have caused this price movement.

Analysis: The most likely driver is Summit’s September 28, 2026 announcement that AstraZeneca will invest $2 billion in the company through convertible preferred shares and partner on new cancer studies. The deal looks like a strong external validation of ivonescimab, while also giving Summit more capital and a broader development path in gastrointestinal and other tumor settings.

Details:

Summit said AstraZeneca agreed to invest $2.0 billion in preferred shares convertible into common stock at an equivalent price of $18.36 per share, a premium to Summit’s prior closing level.

The companies also signed a clinical collaboration to test ivonescimab with sonesitatug vedotin in gastrointestinal cancers, with studies expected to begin soon.

A separate memorandum outlines plans to study ivonescimab with additional AstraZeneca cancer medicines, including more antibody-drug conjugates, which could expand the program beyond a single combination.

Recent Phase III updates for ivonescimab and an FDA review already underway for an NSCLC use may have reinforced investor confidence, making the AstraZeneca deal an even more powerful catalyst.

Sources:

Summit Therapeutics, AstraZeneca, SEC

Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

$SMMT Insider Trading Activity

$SMMT insiders have traded $SMMT stock on the open market 6 times in the past 6 months. Of those trades, 6 have been purchases and 0 have been sales.

Here’s a breakdown of recent trading of $SMMT stock by insiders over the last 6 months:

ROBERT W DUGGAN (Co-Chief Executive Officer) has made 2 purchases buying 3,910,000 shares for an estimated $51,447,200 and 0 sales.
MAHKAM ZANGANEH (Co-Chief Executive Officer) has made 2 purchases buying 3,910,000 shares for an estimated $51,447,200 and 0 sales.
MANMEET SINGH SONI (COO and CFO) has made 2 purchases buying 50,000 shares for an estimated $722,250 and 0 sales.

To track insider transactions, check out Quiver Quantitative's insider trading dashboard. You can access data on insider stock transactions through the Quiver Quantitative API insider transaction endpoint.

$SMMT Hedge Fund Activity

We have seen 156 institutional investors add shares of $SMMT stock to their portfolio, and 116 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

PRICE T ROWE ASSOCIATES INC /MD/ removed 4,384,039 shares (-53.0%) from their portfolio in Q2 2026, for an estimated $63,875,448
GOLDMAN SACHS GROUP INC added 4,202,671 shares (+1352.5%) to their portfolio in Q2 2026, for an estimated $61,232,916
BAKER BROS. ADVISORS LP removed 3,604,715 shares (-9.9%) from their portfolio in Q2 2026, for an estimated $52,520,697
POINT72 ASSET MANAGEMENT, L.P. added 2,913,617 shares (+371.5%) to their portfolio in Q2 2026, for an estimated $42,451,399
MILLENNIUM MANAGEMENT LLC added 2,222,808 shares (+1760.3%) to their portfolio in Q2 2026, for an estimated $32,386,312
CITADEL ADVISORS LLC removed 2,033,965 shares (-82.2%) from their portfolio in Q1 2026, for an estimated $38,563,976
ADAGE CAPITAL PARTNERS GP, L.L.C. added 1,989,591 shares (+inf%) to their portfolio in Q2 2026, for an estimated $28,988,340

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API 13F endpoint.

$SMMT Price Targets

Multiple analysts have issued price targets for $SMMT recently. We have seen 4 analysts offer price targets for $SMMT in the last 6 months, with a median target of $19.5.

Here are some recent targets:

Jeffrey Walch from Bernstein set a target price of $7.7 on 05/22/2026
Mitchell S. Kapoor from HC Wainwright & Co. set a target price of $23.0 on 05/04/2026
Kelsey Goodwin from Piper Sandler set a target price of $16.0 on 05/01/2026
Dara Azar from Stifel set a target price of $45.0 on 04/08/2026

This article is not financial advice. See Quiver Quantitative's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.